30 December 2019
If you’re thinking about changing your car in 2020, but unsure where to begin when it comes to researching finance, the FLA’s impartial website, Financing Your Car (FYC), is a good place to start.
FYC is designed to find the product that best fits your circumstances, so the first port of call on the site should be ‘Your Finance Options’, which will explore whether you want a new or used car, how often you’ll want to change it, and whether you want the option to own it outright.
Alternatively, if you just want a straightforward explanation of Hire Purchase, Personal Contract Purchase or Personal Contract Hire, then browsing through the Car Finance Product information will get you up to speed on the different features, while the Jargon Buster and Ask an Expert tabs will help to demystify the terms commonly used in dealerships.
Adrian Dally, Head of Motor Finance at the FLA, said:
”People often find buying a car very stressful, but as motor finance is basically a product that meets a need, the starting point is to define the individual’s requirements – that’s what Financing Your Car does.
“We created the site as a completely impartial guide to make motor finance simple and accessible to everyone – our ‘Ask an Expert’ and ‘Jargon Buster’ tools will help users to feel more confident when they visit their local dealership.”
Financing Your Car can also help you find a SAF Approved Dealership, which means all of the customer-facing staff involved in the sale of motor finance will have passed the annual SAF Expert test which keeps their knowledge of motor finance products and regulation up to date.
Notes to Editors
- Financing Your Car is the FLA’s impartial guide to motor finance
- The FLA’s SAF Expert test – now accredited by The London Institute of Banking & Finance – is provided free by lenders to dealership staff
- In 2018, FLA members provided £136 billion of new finance to UK businesses and households. £103 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK in 2018. £46 billion of it supported the purchase of new and used cars, including over 91% of private new car registrations.
- For media enquiries, please contact the FLA press office on 020 7420 9656.